"Google has agreed to take a 5% stake in Time Warner's AOL internet unit for $1bn (£571m) in a defensive move against Microsoft in the booming internet advertising market. The move follows Time Warner's decision to abruptly break off months of negotiations with Microsoft, which had hoped to elbow Google aside as AOL's main advertising partner," reports The Guardian's Mark Tran.
Most interesting news: "The firms also agreed, under unspecified conditions, to allow users of Google's recently introduced instant messaging system Google Talk to communicate with users of AOL's market-leading AIM instant messaging service."
Here's the press release.
